Hiring in Legal: Sector-specific demand takes centre stage in 2023
Hiring volumes in 2022 have resumed pre-pandemic levels after a sluggish 2021. “Start-ups have been a key driving force behind the demand for talent in the past year. Having received new capital investments, these companies needed support from legal professionals with strong fundraising or prior IPO experience,” explains Albertus Pratama, Senior Consultant at Robert Walters Indonesia. He also points to a rising popularity of electric vehicles in Indonesia, which has led to a boom in the mining industry amidst increased demand for nickel deposits.
“As with most emerging markets, the demand for strong legal professionals continues to outstrip the amount of talent available,” states Albertus.
Read on to find out more about Albertus’s expectations of the labour market and hiring trends for Legal professionals in 2023.
Boost in opportunities for fintech and mining
The trends observed in 2022 are expected to extend into the coming year. More fintech start-ups will crop up, including new digital banks. The mining industry is also on a rebound. Hiring activity in these sectors are optimistic due to the rise in demand. Law firms are also expected to increase their hiring of experienced professionals.
Experience is key
Given the growth of the fintech and mining sectors, there will be increased demand for legal professionals in these areas. “Legal roles that will be most sought after in 2023 are for specialists in M&A transactions and mining operations. General corporate lawyers will also be in demand,” Albertus says.
To that end, candidates who are vying for these roles will be successful if they can demonstrate relevant experience, namely in mergers and acquisitions transactions, debt capital markets, lobbying with senior stakeholders, public policy and government relations, and project financing and infrastructure.
Provide a stable and engaging environment
To attract and retain legal talent in 2023, Albertus says that companies should find a sweet spot between fostering a close-knit workplace culture and promoting work-life balance. “Hybrid and remote work arrangements have become very popular during the pandemic, and candidates are often keen to move to companies that provide these options,” shares Albertus. “However, remote work also brings its own pitfalls like less face-to-face interaction. Companies will also need to find ways to engage employees who are working remotely.”
Finally, he adds, “Job stability and career progression are also important for candidates. Especially with the pending credit crunch, candidates also want assurance that their future employer is financially stable.”
Foster a close-knit workplace culture and promote work-life balance.
Salaries to rise to a limited extent
Salaries for legal professionals will continue to increase in 2023. Candidates will expect a 20% to 30% increment on their current income when moving jobs, but companies are expected to pay only within the range of 15% to 20%.
Find out more
Request access to our 2023 Salary Survey to benchmark salaries and to find out more about key hiring trends for Legal professionals in Indonesia.